Mortgage for teachers with no deposit

Teachers Building Society has launched a new mortgage under the Government’s FirstBuy scheme, which will allow those working in the profession to buy a home without a deposit.

Under the shared equity scheme, borrowers take out an 80 per cent loan-to-value mortgage and a 20 per cent equity loan, which is provided by the Government and a house builder.

The scheme is only available on newly-built properties.

Earlier this month, the Government announced a £280m extension to its funding for the FirstBuy scheme.

Alan Gravett, head of sales and marketing at Teachers Building Society, said that zero-deposit mortgages have had “a dubious reputation”, but he insisted that the lender would take a prudent approach and had a good understanding of its market and the teaching…